Drumming up extra Farm income in tough times
- By: "Farm Tender" News
- US & World News
- Jul 03, 2018
- 562 views
- Share
It's no secret that many Farmers are doing it tough right now. So here is a thought-provoking piece (of sorts) on how we might be able to derive extra income that helps us through the lean times. Some of my points might not resonate directly but may stir up the imagination.
Sell Machinery and Equipment you don't use
This is a no-brainer, some say do a stock take on the items around your Farm annually and cull anything you don't need or use. Rule of thumb might be "if you haven't used it for two years then it goes"
Talk to those naughty Banks
The Banks are now on the back foot and should be listening to everything you say. So ask them for a better rate or delayed interest payments or something like that. You are the customer.
Sell before you buy 1
Always sell that used item before we buy the new equivalent, people get caught too often and it ends up costing them.
Shear your Sheep more often
Ok, so the cost of Shearing a Sheep is not cheap these days, but Shearing more often than every twelve months has financial benefits. For example, you can avoid a crutch, sheep "do" better with less wool on their backs, you can avoid grass seed, prem wool has better tensile strength, Wool grows faster when its shorter and you can hit the current record quicker. Many progressive Sheep Farmers operate this way these days. Hopefully, you will find somebody to Shear them....
Sell before you buy 2
In dry times many Farmers hold their Livestock to long hoping for a better price. This can mean extra feeding costs or baring out paddocks. Cull and sell those surplus-to-requirement stock
Make decisions and don't procrastinate
There are many decision to make on a Farm, lots you will get exactly right and some you may even get wrong. But whatever the outcome the best decision is actually making the decision in the first place and sticking to it.
All the best
Share Ag News Via